Does FireRoosterCoin depend on Bitcoin? Based on the correlation analysis, BTC and FRC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.
This coefficient may range from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient tells that the prices of the coins are moving in the reversed trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and FireRoosterCoin connection is positively strong, it means that when BTC is rising FRC will rise as well. The negative strong relation will point that when BTC is growing FRC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over FireRoosterCoin. If we take all the circumstances affecting the price of FRC as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or regulations.